Timken's Q1 sales grew 11 percent
The Timken Company reported first-quarter 2021 sales of $1.03 billion, up 11 percent from $923 million in the same period a year ago.
The increase was driven by organic growth across most end-market sectors led by renewable energy and off-highway, as well as the benefit of currency translation and the Aurora Bearing acquisition. First quarter sales were up 15 percent from the fourth quarter.
Net income of $113.3 million, or $1.47 per diluted share, in the first quarter, improved from $80.7 million, or $1.06 per diluted share, for the same period a year ago.
Process Industries sales of $520.9 million increased 14.1 percent from the same period a year ago. The increase was driven mainly by organic growth in the renewable energy, distribution and general industrial sectors and the benefit of currency translation, offset partially by lower marine revenue.
Mobile Industries sales of $504.5 million increased 8.1 percent compared with the same period a year ago. The increase was driven mainly by organic growth in the off-highway, heavy truck and automotive sectors and the favorable impact of currency translation, partially offset by lower revenue in the rail and aerospace sectors.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
